07 Oct

Rice Analysis: Rainy weather in India can damage crops

October 7, 2020

By IFCMarkets.com

IndicatorValueSignal
RSINeutral
MACDBuy
MA(200)Neutral
FractalsBuy
Parabolic SARBuy
Bollinger BandsBuy

Chart Analysis

IFC Markets Tech Analysis

On the daily timeframe, Rice: D1 exceeded the last 3 upper fractals and approached the upper border of the ascending channel. It must be broken upward before opening a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish move if Rice rises above the 200-day moving average line and the upper Bollinger band: 12.9. This level can be used as an entry point. We can set a stop loss below the Parabolic signal, the lower Bollinger band and the last 3 lower fractals: 11.9. After opening a pending order, we move the stop loss to the next fractal low following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (11.9) without activating the order (12.9), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.

Fundamental Analysis

Rainy weather in India can damage crops. Will Rice quotes grow ?

Market Analysis provided by IFCMarkets.com


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